Cheddar, a live-streamed financial and tech video news site aimed at millennials, announced that it has raised $19 million in new VC funding at an $85 million post-money valuation. Axios spoke with company founder and CEO Jon Steinberg, who previously was president of BuzzFeed. What we learned:
Reach: Eight percent of all U.S. millennials have seen a piece of Cheddar content (90% of them within the past month), according to data compiled for the company by research firm Market Strategies International (which also does audience analytics for Cheddar rival CNBC). The figure was even higher in the 18-24 piece of that 18-34 year-old demographic, leading Steinberg to believe that the content is particularly penetrating on college campuses.
Take it as a compliment: Steinberg knows the criticism that financial news networks often are more "ambient television" than appointment viewing, but he doesn't see it as a negative. "That's what I aspire to be... we want people to look up and glance."